Saturday, March 8, 2014

Thus,we must seek the answer to Arvind Kejriwal's 17 questions to Modi NAMO Euphoria inflicts Indian economy Ultimately Modi happens to be a stock exchange phenomenon all the round.

Thus,we must seek the answer to Arvind Kejriwal's 17 questions to Modi

NAMO Euphoria inflicts Indian economy

Ultimately Modi happens to be a stock exchange phenomenon all the round.

Excalibur Stevens Biswas

The Indian economy is transformed in a NAMO Smart Phone.

It is quite a typical viral fever.It is Namo Euphoria.Riding high on pre poll survey,fence jumping and media superlative hype,Indian sensex economy is bubbled up.

It was not-so muted cry from CLSA that has soon acquired mass. In August this year, CLSA's renowned strategist Chris Wood proclaimed Narendra Modi as the stock markets's greatest hope. Today, the 'Modi bandwagon' is crowded with independent analysts and brokerages.

Ultimately Modi happens to be a stock exchange phenomenon all the round.Because zionist United States of America and Israel have chosen him the next Prime Minister of India and the corporate media already created a ready made fashionable juicy delicious mandate poured with most aggressive religious nationalism and we the people are predestined to endorse it as the forces patriotic,committed,secular have lost relevance and credit.Ideologies and identities immersed into blatant crude naked opportunism.

Thus,we,the Indian people discover ourselves amidst cross fire blind.

In fact, the Open Market Economy has killed Indian whatsoever,Indian sovereign republic,its constitution,law and order, justice, humanity, resources, business, culture and environment.

There is no Indian economy.

Rather it is an economy of a state ruled by satanic global order.

However,Stocks Markets ignored the anxiety caused by the geopolitical tension over Ukraine and spurted to all-time highs on a slew of positive domestic factors and robust FII buying ahead of high-stake elections.

The benchmark indices - S&P BSE Sensex and the CNX Nifty - were in a record-breaking spree. The former hovered near the key milestone of 22,000-mark, while the latter breached the historic landmark of 6,500 this week.

Aggressive buying by foreign institutional investors (FIIs), the main market mover, reflected their faith in Indian economy and its growth story in a week when the Election Commission announced the schedule for the Lok Sabha polls.

FIIs bought shares worth Rs. 5,044.54 crore in the week, including provisional data of March 7.

Narrowing Current Account Deficit (CAD), rising rupee against the dollar and easing inflation played their part to boosting investor sentiment.

India's current account deficit fell to $4.2 billion, or 0.9 per cent of GDP, in December quarter of 2013-14 on the back of a rise in exports and fall in gold imports.

The lower CAD, the difference between outflow and inflow of foreign exchange, bolstered the rupee and attracted increased overseas investment. The Indian currency gained 68 paise, or 1.10 per cent, against the US unit in the week.

Barring healthcare, IT and tech shares, which performed poorly, all other sectoral indices surged. The rally was led by realty, banking, capital goods, metal, oil & gas and power stocks.

Sharp surge was seen in BHEL, ICICI Bank, Axis Bank, RIL, Bharti Airtel, HDFC Bank, Maruti Suzuki, L&T, SBI, Coal India, Hindalco, ONGC, Tata Steel, HDFC, Gail India and ITC.

The Bombay Stock Exchange 30-share gauge resumed lower on global meltdown on fears of an imminent war between Russia and Ukraine as possible sanctions by the West against Moscow, and touched a low of 20,920.98 on Monday.

The truth is reflected perhaps is these lines.

Reserve Bank of India Governor Raghuram Rajan, making his first appearance in Washington, DC, in his current avatar, has said his priority focus is “how to get India out of the headlines,” and declared that “we Indians treat our economy very much like we treat our cricket team.”

“All our players are geniuses, gods, and we actually elevate them to that status, disregarding the weaknesses that actually exist. Of course, when we do badly, we throw rocks at their door and burn effigies of our players and we castigate them for the same weaknesses that exist when we are doing well -- we just overlook these weaknesses.”

Rajan told the standing room only audience that packed the university’s auditorium despite inclement weather, how “to some extent, we start saying how can they do any good because these weaknesses are really serious – ‘Gautam Gambhir can’t face a rising ball, a short-pitched ball, he is incompetent. Sehwag just lashes out at everything, he is incompetent and so on’.”

Thus, he argued drawing an analogy, “I’d like to say that to some extent our views of the economy have been quite similar.”

“In the go-go years of 2002-12, an average growth rate of eight percent in that decade, we ourselves and, I would argue, the world community, tended to see India as a coming superpower, strong, no weaknesses, everybody is a super-genius from the IITs and of course, the safety school for IITs is CornellUniversity. So, India must be full of super-geniuses.”

As A smartphone dedicated to Gujarat Chief Minister Narendra Modi is slated to be available by September this year.

The team behind the smartphone is from Surat, Gujarat and is lead by Ammeet Desai. The company has been running a smartphone OEM in China for the last 6 years.

The SMART NAMO range will include high end Android phones as well as feature phones later on. “The phones will initially be manufactured in Shenzhen, China but the company has already submitted an application to the Gujarat government to set up an assembly line in the state. They hope to do this by the end of 2013,” Ammeet Desai told NextBigWhat.

The company came up with the idea to dedicate a phone to a leader after they saw many companies in China commemorating leaders with products such as watches and memorabilia of national leaders.

Apart from being from Gujarat, the reason they picked Narendra Modi is that they were impressed by the work of the leader and also the output in terms of economy of the state.

Thus,we must seek the answer to Arvind Kejriwal's 17 questions to Modi

Aam Aadmi Party (AAP) leader Arvind Kejriwal on Friday released 17 questions that he wanted Gujarat chief minister Narendra Modi to answer. The questions, which range from the state of Gujarat's economy to solar energy, make allegations against Modi's government but offer no evidence. Here is a translated and edited version of the questions Kejriwal wants Modi to answer:

Q1. Does government plan to raise the price of KG Basin gas to $16 per unit? If you become the prime minister, will you raise the price of gas to $16 per unit?

Q2. Is it true that your government is buying solar energy at Rs. 13 per unit, and that without inviting tenders? MP and Karnataka buy solar power at Rs. 7.5 per unit and Rs. 5.5 per unit after inviting tenders, so why is your government buying electricity (solar power) at such high price?     

Q3. You claim that agriculture growth rate in Gujarat is 11%, but by your own government's estimates in 2006-2007 agricultural production in the state was Rs. 27,815 crore. In 2012-2013, agricultural production fell to Rs. 25,908 crore. This means agricultural production has fallen in Gujarat during your tenure and the annual agricultural growth rate is -1.18% (sic). How do you then claim agriculture growth rate is 11%?

Q4. In the last 10 years almost two-third small industries have shut down in Gujarat. We found that in a small place like Mehsana alone 140 of the 187 small industrial units have shut down. Under such circumstances, what is your model for development? Will you shut down all small, medium industries in the country and hand over industry in the country to select business houses?

Q5. You claim that there is no corruption in Gujarat, but people in towns and villages told us that there is rampant corruption in all government departments. People have to pay bribes to get BPL cards, avail government schemes or make licences. How do you then claim that there is no corruption in Gujarat?

Q6. At least two of your ministers are accused of involvement in financial scams? Couldn't you find honest persons for your ministry among 6 crore Gujaratis.

Q7. Would you like to comment on your relationship with businessman Mukesh Ambani?

Q8. Recently, 13 lakh people applied for 1,500 junior-level government posts in Gujarat. How do you then claim that there is no unemployment in the state?

Q9. Young people employed by your government on contract are paid a mere Rs. 5,300 monthly? Can an educated, self-respecting person survive on Rs. 5,300?

Q10. Do you accept that it is the government's responsibility to provide good education to the country's poor? We have travelled across Gujarat's villages and towns in the last few days. Gujarat's government schools are in a poor state. We have also found colleges where there are only three teachers including the principal for 600 children. With such education system, how can the country progress?

Q11. Do you accept that a government's responsibilities include providing good healthcare services? Government health services are crippled in the entire state. There is corruption everywhere. In many villages, the primary health centres are shut, lying in ruins. In hospitals at taluka and district-levels, more than half of the posts are vacant. Those who are there, they don't come. The hospitals do not have medicines. Under such circumstances, why are you making claims of providing good health services in Gujarat before the entire country?  

Q12. Farmers throughout Gujarat are unhappy with your government. He gets less than what he spends for his produce because on minimum support price, your government has been ignoring him. Farmers are being forced to commit suicide. In the last few years, 800 farmers have committed suicide in Gujarat and you have stopped all subsidies which were given to farmers.    


Q13. You are going around the country saying your government has taken electricity to villages. We have found that 4 lakh farmers applied for electricity connection to your government for years, but they are not getting it. When you are not even giving connection to farmers, then why are you making hollow claims on providing electricity?   

Q14. Under your government, the land of farmers is being snatched away and you are giving them to your favourite industrialists at throwaway prices. In this, many farmers have not been given compensation. To those farmers whom you have paid compensation, the amount is way less than the market rate. You have snatched away farmers' land and given them to industrialists such as Adani and Ambani at the rate of Rs. 1 per square metre. Why? Why is your government so heartless towards farmers?  

Q15. The height of Narmada Dam was raised in 2005 to provide water to the people of Kutch for drinking and farming. But, even eight years later, the people of Kutch have not got water. This water was given to some of your favourite industrialists. Why this discrimination against the people of Kutch?     

Q16. You had said in Punjab that the land of Sikhs living in Kutch, Gujarat, will not be snatched away. The truth is your government has moved court to take away the land of Sikh families. Why don't you take back this case?

Q17. You move around in private helicopters and aircraft. How many such aircraft/choppers do you have? Who do they belong to? How much do you pay for these aircraft/choppers? Or, does someone else pay for them? Why don't you make your air travel expenses public?

Just read the Economic Times report.


Led by FIIs, D-St Marches into Uncharted Territories

Foreign fund managers continue to pour money, retail investors make a cautious comeback


   The euphoria is spreading. Foreign fund managers continue to pour money as well-heeled investors strike aggressive derivative deals and retail investors make a cautious comeback to ride the rally in the Indian stock market which touched a new high on Friday.

But many of them could lose their shirt if their bets on the outcome of the forthcoming general election backfire.

Investor wealth has surged by a whopping . 2.88 lakh crore in the past four trading sessions alone. The only sellers in Dalal Street were local institutions booking profits before the fiscal closing. Foreign institutional investors (FIIs) purchased shares worth . 2,577 crore on a provisional basis, pushing the Sensex up 406 points, or 1.89%, to a record high of 21,960.89. The broader index Nifty too hit a fresh high of 6,566. Nearly 42 stocks hit new highs on Friday while 149 stocks hit a yearly high. Over 260 stocks were locked at the upper circuit on BSE for want of sellers in these counters.

India’s second biggest company in terms of market capitalisation, Reliance Industries, gained 5.72% to . 869, its biggest single-day gain in the last five years. Some of the biggest gainers among BSE 200 stocks were Adani Enterprises (10.13%), DLF (9.87%), Jaiprakash Associates (9.76%), Yes Bank (8.63%) and IRB Infrastructure (7.91%). “A ‘favourable’ elections outcome could provide a disproportionate boost to some sectors and stocks, some of which are severely underowned by institutional investors today,” said Manishi Raychaudhuri, MD & Asian equity strategist, BNP Paribas. “Policy initiatives are currently underway in areas such as power, roads, monetary policy and banking, and the momentum of such initiatives is likely to continue post election, whatever the result”.

FIIs were also net long in the derivatives market, having purchased index futures and options worth . 3,812 crore — a reflection of their optimism that the market could rally further.

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